Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 13,166,000 $ 3,097,000
Adjustments to reconcile net income to net cash used in operating activities:    
Provision (reversal) for doubtful accounts   (30,000)
Depreciation and amortization 2,217,000 2,088,000
Amortization of loan cost 1,139,000 854,000
Deferred income taxes 2,238,000 975,000
Interest added to principal of secured loans (15,000) (16,000)
Change in accrued earn-out   (504,000)
Debt extinguishment costs   7,000
Share-based compensation 635,000 842,000
Earnings from equity method investments (392,000) (934,000)
Changes in assets and liabilities:    
Receivables (69,858,000) 20,161,000
Secured loans receivable 3,007,000 (1,747,000)
Secured loans made to affiliates 2,315,000 4,007,000
Derivative assets (50,653,000) 1,152,000
Income taxes receivable 35,000 12,000
Precious metals held under financing arrangements 21,787,000 49,944,000
Inventories (120,268,000) 13,697,000
Prepaid expenses and other assets (319,000) (447,000)
Accounts payable and other current liabilities 169,740,000 14,680,000
Derivative liabilities 29,560,000 (18,350,000)
Liabilities on borrowed metals (22,540,000) (69,696,000)
Accrued liabilities 4,431,000 567,000
Net cash (used in) provided by operating activities (13,775,000) 20,359,000
Cash flows from investing activities:    
Capital expenditures for property, plant, and equipment (686,000) (290,000)
Purchase of long-term investments   (2,300,000)
Purchase of intangible assets (150,000)  
Secured loans receivable, net 70,370,000 (3,066,000)
Other loans originated (3,500,000)  
Net cash provided by (used in) investing activities 66,034,000 (5,656,000)
Cash flows from financing activities:    
Product financing arrangements, net 27,621,000 (48,217,000)
Borrowings and repayments under lines of credit, net 8,000,000 (51,000,000)
Repayments on notes payable to related party   (7,500,000)
Proceeds from issuance of notes payable   90,000,000
Borrowings on unsecured advance   4,220,000
Debt funding issuance costs (697,000) (3,748,000)
Net cash provided by (used in) financing activities 34,924,000 (16,245,000)
Net increase (decrease) in cash, cash equivalents, and restricted cash 87,183,000 (1,542,000)
Cash, cash equivalents, and restricted cash, beginning of period 8,320,000 [1] 6,291,000
Cash, cash equivalents, and restricted cash, end of period 95,503,000 [1] 4,749,000
Supplemental disclosures of cash flow information:    
Interest 14,077,000 11,949,000
Income taxes 71,000 112,000
Non-cash investing and financing activities:    
Interest added to principal of secured loans $ 15,000 16,000
Investment transactions with non-controlling interest   $ 639,000
[1] Includes amounts of the consolidated variable interest entity, which is presented separately in the table below.